At press time, Bitcoin trades at $104,268, having slipped below the $105,000 support level. However, it is holding above the $100,000 which it has since May this year.
Nevertheless, the crypto king continues to trace the head and shoulders pattern, which historically precedes a bearish breakdown.
If the pattern confirms, it could result in a 13.6% drop from its neckline, pushing Bitcoin toward $89,948. Combined with weakening inflows and potential EMA crossover, the risk of a sub-$100,000 correction appears high in the short term.
However, a quick recovery could still prevent this outcome. If Bitcoin finds investor support and reclaims $105,000 as a stable floor, it could rebound toward $110,000. Surpassing this resistance would invalidate the bearish outlook and restore short-term market confidence.
Nevertheless, the crypto king continues to trace the head and shoulders pattern, which historically precedes a bearish breakdown.
If the pattern confirms, it could result in a 13.6% drop from its neckline, pushing Bitcoin toward $89,948. Combined with weakening inflows and potential EMA crossover, the risk of a sub-$100,000 correction appears high in the short term.
However, a quick recovery could still prevent this outcome. If Bitcoin finds investor support and reclaims $105,000 as a stable floor, it could rebound toward $110,000. Surpassing this resistance would invalidate the bearish outlook and restore short-term market confidence.
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Leader in crypto news, award winning journalism in 26 languages.
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.